Home Mover Mortgages

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YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Some buy to let mortgages are not regulated by the Financial Conduct Authority 

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Home Mover Mortgages

Home mover mortgages with Ross Joyner.

What do we mean by home mover mortgages?

This is when you already own your house with a mortgage and you’re selling – or converting to a let to buy – and you need a new mortgage on a new property.

What moving costs need to be considered?

You need a deposit, depending on whether you have enough equity in your home or if you’ve got additional savings that you’re going to put down.

You’re likely to be selling your house, so estate agent fees need to be taken into account along with solicitors fees for buying and selling each property. Because of that, there will be more costs than when you first purchased. You may also need to allow for removals costs.

How much can I borrow when moving home?

It will depend on your personal circumstances at the time. A lender will look at your income and all your outgoings and that will determine how much you can borrow, according to their affordability guidelines.

What is porting?

Porting is where you’ve got an existing mortgage on your property, and often you may be tied into a fixed deal. Instead of going to a new lender, It could be more cost effective to transfer the mortgage across to the new property

Can I increase the mortgage value when I port?

Yes, as long as it’s affordable and you still fit the lender’s criteria at the time. Bear in mind that not all lenders will allow you to port. In some circumstances, if your loan is reducing, you may have to pay an early repayment charge.

Can I port my mortgage if the new home is cheaper?

Yes. But if your mortgage is decreasing, then you may have to pay an early repayment charge on the difference.

Speak To an Expert

Even if you’re just started the process or you’re just thinking about moving or buying a home, it’s worth giving us a call. We’ll give you an idea of what you can borrow and what everything will cost. You can put a plan in place if you’re not quite there yet.

How do I decide whether to port or get a new mortgage?

Your best bet is to speak to a broker. We will go through your situation to advise you on the most suitable solution for your specific circumstances.

Is porting a mortgage worth it?

Again, it all depends on your personal circumstances. Are you tied into a rate at the moment? What is that rate? Will you still fit the criteria and affordability restrictions?

How does the equity in my home affect my options?

The more equity you have in the home, the more options you have. If, for example, you have £100,000 equity then that could be transferred to the new property as the deposit.

But if the value of your house has decreased you do have fewer options available. Talk to a broker to understand your specific situation.

What else should we consider when moving house?

We will look at your personal situation and your current mortgage to see whether you’ll be best to port your mortgage to a new property, or whether to mortgage to a new lender.

We look at affordability options and criteria to help you out at an early stage, and help shape your plans to move home.

Your home may be repossessed if you do not keep up with your mortgage repayments.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.